The ongoing trade dispute between the United States and China continues to intensify.
President Trump imposed tariffs of 25% on imported steel and 10% on imported aluminum, which comes on the heels of tariffs on washing machines and solar panels earlier this year.
So how does this new round of tariffs impact your small business?
In short, the tariffs could mean higher prices if your small business imports from China.
It’s not all negative, though. Some, such as theU.S. aluminum industry and U.S. steel companies, stand to benefit from the tariffs.
Keep reading for more on what’s happening between the U.S. and China, and other news trending in the world of small business.
What the $34 Billion China Trade Tariffs Could Mean for Small Businesses
The Trump administration imposed $34 billion in tariffs on China, escalating tensions between the world’s two largest economies.
China retaliated, posing $34 billion in tariffs on the U.S. Here’s a look at some of the products that might become more costly to your business.
With a full-blown trade war potentially looming, small business owners are wise to adapt in a changing market.
New Rule Makes Health Insurance More Affordable for Main Street Businesses
Less-expensive health plans might soon be within reach for some small business owners.
President Trump called for an alternative to the Affordable Care Act, allowing small businesses to save on costs by participating in group health plans.
The rule allows millions of Americans to choose their health policies. It’s a plus for individuals and small businesses alike—health benefits are one of the key ways to retain top talent.
Nearly Three-Quarters of Americans Have Confidence in Small Business
Americans continue to feel good about small business.
According to Gallup’s longstanding Confidence in Institutions poll, 67% of Americans have a great deal of confidence in small business. This makes small business the second-highest ranking institution behind the military at 74%.
Confidence in big business is only 25%, with confidence in Congress rounding out the bottom spot with an 11% confidence rating.
The Year’s Best and Worst States to Launch a Small Business
If you’re contemplating starting a small business, it pays to set up shop in the right state.Location is a key factor in your success.
For its new list of the best and worst states to start a business, WalletHub examined 25 indicators of startup success including most accessible financing and lowest labor costs.
Cartier Awarding Female Entrepreneurs $1 Million in Grants
Cartier wants to see women entrepreneurs shine.
The luxury brand is awarding forward-thinking female small business owners through its annual Women’s Initiative Awards. The awards are open to women-run enterprises that are aiming to make a social impact.
First-prize winners receive $100,000 in funding and one-on-one personalized mentoring. Second-prize winners receive $30,000 in prize money for their businesses.
Applications close August 31. Apply here.
Words That’ll Stick With You
“One of the marks of successful people is they are action oriented. One of the marks of average people is they are talk oriented.”
Brian Tracy, speaker and author
The U.S. might be concerned about inflation and higher prices in the wake of the latest China tariffs, but small business owners are optimistically forging ahead. Most U.S. companies saw an increase in business last month, according to the Institute for Supply Management.
Americans have more confidence in small business and the military than any of the other 13 institutions included in Gallup’s latest research. And with affordable health insurance within reach for many Main Street businesses, optimism among small business owners is poised to grow even further.